In an update published by BusinessDay, the Central Bank of Nigeria (CBN) has officially granted an International Money Transfer Operator (IMTO) licence to the global payments firm, NALA. This move is part of the apex bank’s broader strategy to encourage competition and lower the cost of remittances from Nigerians in the diaspora. NALA aims to provide instant, cheaper transfer options, directly challenging traditional players and helping to increase the flow of foreign exchange into the country through formal channels.
The licensing of NALA comes as the CBN tightens anti-money laundering (AML) rules, forcing financial institutions to adopt more sophisticated, automated compliance systems. By integrating tech-driven platforms like NALA, the government hopes to eliminate the “black market” premium on remittances. This is expected to be a significant boost for diaspora affairs, as the Nigerian community abroad remains one of the largest contributors to the nation’s FX inflows.
Supporting reports from Premium Times indicate that the CBN is “pushing financial institutions to adopt automated compliance systems,” while Daily Post noted that the government’s digital economy drive is focusing on “making it easier for Nigerians abroad to invest back home.”
Echotitbits take: Diaspora remittances are a lifeline for millions of Nigerian households. By licensing more fintech-led IMTOs, the CBN is effectively tackling the high cost of sending money home, which has historically been among the highest in the world. Watch for a price war among transfer operators as NALA enters the fray.
Source: BusinessDay – https://businessday.ng/news/article/cbn-caps-new-mobile-banking-transfers-at-n20000-for-24-hours/, March 18, 2026
Photo credit: The Guardian
